HIGHBANK SIGNS COOPERATION AGREEMENT WITH METLAKATLA

Vancouver, B.C. – November 5, 2012 - Highbank Resources Ltd. (TSX.V –“HBK”), (the “Company”), is pleased to announce the signing of a Cooperation Agreement (“CA”) with the Metlakatla First Nation and the Metlakatla Development Corporation in the development of the Swamp Point North Aggregate (“SPNA”) project and to provide the Metlakatla with the opportunity to participate in the economic benefits arising from the development of the SPNA within their traditional territory.

The general terms of the CA are:

  • To recognize and acknowledge Metlakatla claims to aboriginal rights and interests in their traditional territory within which the SPNA project is located;
  • To develop and operate the SPNA project in an environmentally friendly manner and to comply with applicable laws relating to the protection of the environment and to ensure that all cultural and traditional use sites within the SPNA development area are protected and to exercise high standards of environmental stewardship;
  • To provide Metlakatla the first opportunity to fill the positions of employment and securing contracts for the provision of goods and/or services for or related to the SPNA project;
  • To provide the Metlakatla an opportunity to share in the success of the project, and will provide the Metlakatla with two and three year warrants to acquire up to 5,000,000 shares, subject to TSX Venture Exchange and/or regulatory approval;
  • To have a good faith strong working relationship beneficial to all parties concerned; and
  • Metlakatla undertakes, on its own behalf and on behalf of its members and businesses to not object to, or oppose, regulatory applications or approvals, Federal or Provincial, sought by Highbank with respect to SPNA operations.

“Highbank respects the Metlakatla traditions and longstanding commitment to protect and preserve their rights, interests and way of life in their traditional territory” says Victor Bryant, President and CEO. “The progress made toward reaching this CA is significant, and gives effect to the needs of all concerned.”

On behalf of the Board of Directors of
HIGHBANK RESOURCES LTD.
“Victor N. Bryant”
Victor N. Bryant,
CEO/President

 

 

Highbank Resources, Metlakatla property agreement
Ticker Symbol: C:HBK

 

Highbank Resources, Metlakatla property agreement

 

Highbank Resources Ltd (C:HBK)
Shares Issued 80,436,499
Last Close 11/23/2012
.055
Monday November 26 2012 - Property Agreement

The TSX Venture Exchange has accepted for filing a co-operation agreement dated Nov. 1, 2012, between the company, and Metlakatla First Nation and the Metlakatla Development Corp., for the development of the Swamp Point North aggregate project. The company will pay:

 

  • A one-time amount of $25,000 that is to be applied by Metlakatla toward the payment of fees, costs or expenses incurred by Metlakatla;
  • 25 cents per metric ton of aggregate produced at Swamp Point quarry;
  • Five million warrants, of which two million warrants are exercisable for two years from acceptance at 10 cents per share, two million warrants are exercisable for two years from acceptance at 15 cents per share and the remaining one million warrants are exercisable for three years from acceptance at 20 cents per share (The warrants may be exercised (minimum 250,000 at one time) in stages throughout the three-year period.).

 

© 2012 Canjex Publishing Ltd.